he gig economy is not a new concept, it is quite popular nowadays. It refers to short-term contractual work which makes it easy for the workers to find jobs. Workers can work for remote employers through the gig economy. This platform is online. Those who are unable to work or are jobless but actively seeking work can benefit from this site. Everyone gets a wage according to their reservation wage. Even if the person is underemployed at the main job, he or she can get extra earnings by moonlighting here. Moreover, the person can work flexibly. That traditional full-time work hour is not applied here, so the worker works as they wish. It falls under the informal industry in Bangladesh. Here no lobbying, union, or bargaining problem is seen. No inequality or gender wage differential is seen. Youth not in employment can take part in this platform along with their study. Job searching is easy. Sometimes, no higher educational background is required to enter into this sector. Skill is what is required, and for this training cost might be needed.
Usually, we see, the female labor force does housework but does not get paid. Through this platform, they can work from home, even do cloud work and earn money. Many disabled people are also using this site to earn and are being successful. Here we see market clearing wages. We see many international students work during their vacations likewise students from our country can also do part-time work here. Many people are entering into this market with suitable placements where the existing unemployed pool is getting frustrated and leaving the traditional job market. Discouraged workers can join the gig economy by being skilled. During the pandemic we saw people could not work, even during strike days work was hampered. Many starve, so this platform could be a great opportunity for them.
However there is some problem with this platform, as it is contractual work, and there is risk related to real wages. Workers' misperception theory works here. If inflation rises, real wage falls so employers are better off, they hire more workers while if the workers are not aware of the fact, then they supply more labor and get exploited. Moreover, as it is an online platform, the person won’t get nonwage benefits. Workers' rights are unprotected as there is a lack of policies and security. But overall this platform has great significance in the job sector of our country as our economy is heavily dependent on the RMG sector.
We need diversification. As per the record of Bangladesh in 2023, the unemployment rate is 5.03%. If this unemployed pool can become technologically efficient human capital and enter into this platform, then it will be of huge benefit to our economy. Unemployment can be alleviated by using this platform in the right way. The government has to come forward to assist in fulfilling this target. Free skill training and subsidy has to be given in this sector. This sector needs to thrive as it can remove our dependence on the RMG sector. Also, the government has to be aware so that any indirect impact does not create a problem by enforcing any policy. The gig economy has a great future, according to the ICT division, there are about 650,000 freelancers in Bangladesh. Bangladesh is the eighth country with the highest year- on-year growth in freelance income. A proper internet connection should be ensured for the users.
There will be equity and inclusion. Remote work culture will help to increase employment all over the world. Last but not least, we have to adapt to the artificial intelligence era and be skilled to get the most out of this platform.
Written by: Zinnia Sultana
